Meredith Whitney accused an affiliate of billionaire Michael Platt’s BlueCrest Capital Management of filing a lawsuit in a “blatant attempt” to dissolve her fund. BlueCrest Capital Opportunities Ltd. sued Whitney in Bermuda in December, saying her fund refused in October to honor a request to return its investment, now worth $46 million. BlueCrest filed a new suit in New York state court last week with the same claim and said it would drop the Bermuda case...In papers filed in advance of the hearing, Whitney said she was caught “entirely off guard” when she got a redemption notice from BlueCrest without any notice and was “shocked” at the crude way she was informed of its intentions. [Bloomberg]
Meredith Whitney, Investor Who Sued Her To Get Money Back Her Are Friends Again
Whitney and Michael Platt have buried the hatchet, despite the "crude" way he "shocked" her with a redemption request.
Meredith Whitney Is Returning To Her Roots
Running a hedge fund is out, making Citigroup wish it had never been born is (back) in.
Meredith Whitney: Citigroup Should Just Give Up
Earlier today, we wondered if, in light of the news that Vikram Pandit had resigned as CEO of Citigroup, analyst Meredith Whitney's opinion of the bank had changed. Choice comments that Whitney has made about the Big C in the past have included: "Citigroup is in such a mess Stephen Hawking couldn’t turn this company around"; "Citi is like an old broken-down Victorian house"; and Citi “has no earnings power, isn’t going to grow, hasn’t been investable in four years." She also once told Maria Bartiromo that the only way she'd change her mind about company would be if she received "a new brain." Still, sometimes analysts change their tune when new blood is brought in and, like former FDIC chair Sheila Bair, perhaps some of her beef with the bank had been a personal dislike of Uncle V. Now that he's gone, is she seeing Citigroup in a new light? Not so much, no. In the wake of CEO Vikram Pandit‘s surprise departure this morning, Whitney, founder and CEO of Meredith Whtney Advisory Group LLC, issued a note cautioning clients to be wary of Citigroup even under new leadership. “Citigroup is ‘the incredible shrinking bank,’ and the least interest of the big four, in our opinion,” Whitney said. “No CEO will be able to change these facts in the near-term. It appears the board feels the same way, as they have appointed an unknown to the outside to the new CEO position, Mike Corbat.” [...] On Tuesday, the stock has wavered between gains and losses on heavy trading volume in reaction to Pandit’s resignation. Shares are up 29% this year through Monday’s close. Despite signs of incremental improvement, Whitney isn’t backing down from her bearish stance. “Any seat in Citigroup’s court should come with a warning label,” Whitney says. Meredith Whitney: No CEO Can Fix Citigroup [WSJ] Earlier: Meredith Whitney Cannot Stress Enough How Little She Thinks Of Citigroup